Uranium miner Laramide Resources has increased the previously announced private placement from seven-million units to ten-million units, at a company price of C$0.30 a unit, for aggregate gross proceeds of up to C$3.3-million.
The ASX- and TSX-listed company had, earlier this month, announced its intention to raise C$2.1-million through the private placement to advance exploration and development activities at its Church Rock and Crownpoint uranium properties, in New Mexico, in the US, as well as at its Westmoreland uranium project, in Australia.
The offering is expected to occur on or about June 19, and is subject to the completion of formal documentation and receipt of regulatory approval.
Each unit comprises one common share in the company’s capital, one half of a common share purchase warrant (where a whole warrant is considered a Series A warrant), and one half of one common share purchase warrant (where a whole warrant is a considered a Series B warrant).
A Series A warrant entitles the holder to buy one additional common share at C$0.45 for a period of 36 months from the closing date, while a Series B warrant entitles the holder to buy one additional common share at C$0.60 for a period of 36 months from the closing date, provided that the holder has exercised the Series A warrant within 18 months of the closing date.